Thursday, February 1, 2007

S&P Upgrades India's Credit Status

From the Financial Times:

India finally regained full investment-grade status on Tuesday after a hiatus of more than 15 years, as Standard & Poor’s followed the lead of Moody’s and Fitch in removing the speculative tag from its sovereign credit rating.

The upgrade is symbolic for reformers in the government. S&P had downgraded India’s sovereign rating to junk status in May 1991, during the balance of payments crisis that triggered the start of the reform era.

India is looking more and more like the next big growth play -- the same way China was a few years ago.